FUNDS - COTR - Comex copper - Market getting polarised; net short position grows, longs get longer

William Adamswilliam.adams@fastmarkets.comHead of Research+44 (0)20 7264 2489

London12/09/2016 - The funds trading Comex copper raised their net short positions significantly in the week ending September 6. Funds added 19,001 shorts while 10,649 contracts of longs were added so the funds are getting more polarised again, albeit with the shorts being more aggressive. The net short position climbed 8,352 contracts to 30,225.

Last week's selling was the fifth consecutive week of net selling during which time the shorts added 44,067 contracts and the longs 11,160 contracts.

Despite the growing net short position, the gross long position at 79,928 contracts is the largest we have on record going back to the start of 2011 - this highlights just how polarised the market is. We wait to see which camp throws in the towel first.

(Editing by Mark Shaw)

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